Mobile banking is getting increasingly popular, but mobile phone users still have security concerns, which is why they want the banks to keep hold of their money – not mobile phone operators.

According to Richard Wagner, chief executive officer at Advanced Payment Solutions, the media coverage of mobile payment security has made it a hot topic.

“O2 and Vodafone have a lot of money to try and convince customers, but what we’ve seen is as much as [the public] dislikes banks, they don’t want anyone else managing their money,” he claimed.

However, Mr Wagner suggested that in time people could trust mobile firms as much as they trust banks, but noted that there is a long way to go before this becomes a reality.

Proxama’s Russell West recently claimed that security concerns were being overridden by the convenience of online payments, so this shift toward operator-based banking could happen sooner than expected.

Mr Wagner also cast doubt on the effectiveness and usefulness of Barclay’s Pingit service, suggesting that specialist payment processing firms were better placed to further electronic banking.

Posted by Peter Robinson

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